Exploding the market
On the morning of November 14th, Beijing time, Litecoin, which had faded out of the market for a long time, suddenly released an official tweet:
“Given the current market environment, I now consider myself a meme coin.”
As soon as the tweet came out, it immediately triggered a craze in the crypto market. The recent trend of Meme coins can be described as hot, and the narrative of "anti-VC and exchange collusion project" is also very solid. The old PoW Litecoin now has a meme-like tweet that has further ignited market sentiment.
Litecoin rose by 10% in a short period of time. At this time when Memes such as Pnut, Pepe and Bome began to rise with the rise of Bitcoin, the market's fomo sentiment for Meme coins was also accumulating, and the outbreak of Litecoin undoubtedly proved this.
Except for Litecoin, all of the projects in the picture above claim to have become Memecoin; the screenshots are far from covering the trend on X platform, including well-known projects such as Manta Network, AVA Foundation, Aleph Zero, and even Gate Exchange have all joined this trend, just like a remake of a popular video on Douyin (or a popular challenge on Tik Tok), which filled the push of X platform yesterday.
So how are these “new meme coins” performing?
In general, the coins that just took advantage of the popularity did not see any increase - IoTeX did not see a significant increase, and Manta fell by 11.9% in 24 hours. This part of the decline has little to do with whether or not to post a tweet, and mainly comes from the callback led by Bitcoin.
What’s even more outrageous is that this trend has apparently spread beyond the circle: this morning, Royal Dutch Airlines KLM also posted an identical tweet on its official Twitter account, which has 2.2 million followers.
You know, KLM Royal Dutch Airlines is an account that has nothing to do with the crypto market, so it was naturally suspected of being hacked. Litecoin replied below: "It looks a bit bumpy, but ok!" Someone else commented below: "Is Litecoin's intern who manages Twitter accounts working two jobs at the same time?"
Of course, KLM's stock price has not changed at all, and even fell a little. It seems that the marketing in the crypto circle is just shouting slogans, and no one really buys it (but, buying is not for the stock market).
Back to the original context, everyone is of course playing with the meme: "I now identify as xx" is actually mostly used in the original English context in a gender context. Someone may now identify himself as another gender, and then it is repeatedly grafted with other meanings in the tug-of-war between supporters and supporters, such as the famous "I now identify my gender as a Walmart shopping bag" and so on.
This part corresponds exactly to the core of Meme culture, which is to deconstruct an existing system, whether it is gender or a classical encryption project that was once serious, and then completely trample on the original meaning, allowing this sense of contrast to bring more traffic to the project.
This is the market strategy and the core of Meme. Of course, we have to mention the most important catalyst: crypto investors may have been suffering from "high FDV and low circulation" tokens for a long time and are unwilling to be the receivers of VCs and project parties. Meme is at least a fairer market - there is no other reason, only quick hands and ears.
